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Bitcoin surpasses $70,000 and approaches record highs
Bitcoin rose on Wednesday on track for the fifth straight profit, marking two-week highs while trading once more above the $70,000 barrier.
The world’s most valuable cryptocurrency is approaching a record high as risk appetite improves while US treasury yields lose ground.
The Price
Bitcoin rose 1.1% today at Bitstamp to $71,339, the highest since May 21, with a session-low at $70,439.
It rallied 2.6% on Tuesday, marking the fourth daily profit in a row.
Crypto Market Value
The market value of cryptocurrencies rose by over $30 billion on Wednesday to a total of $2.783 trillion as both bitcoin and ethereum rallied.
US Yields
US 10-year treasury yields traded near three-week lows on Wednesday at 4.313%, buoying non-yielding assets.
The decline came after a spate of weak US data, which bolstered the case of multiple Fed rate cuts this year.
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